Updated 04/12/2024
EMIR 3 has nearly reached the conclusion of its formal adoption procedure, as it was published in the Official Journal of the EU on 4th December, 2024. Thus, the new rules will apply from 24th December, 2024, as they go in force 20 days after its publishing date. Member States will have 18 months to draft and implement them. As a reminder the changes mostly deal with increasing clearing at EU CCPs and promoting clearing activity in the EU.
On 7th Feb 2024, the Council and Parliament reached a provisional agreement on the review of EMIR. The main focus of the changes is on making the EU clearing landscape more attractive.
We also identified the following changes which could affect a firm’s reporting obligation;